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PROPERTY

Key capital injection

Real estate may soon benefit from rising overseas remittances
after legal amendments created the conditions for overseas
Vietnamese to invest in the sector.
By PHAN DUONG

any analysts and overseas Viet- the Law on Housing 2023 and the Law on “Among the more than 5 million over-
namese believe that significant Real Estate Business 2023, overseas Viet- seas Vietnamese, a large number are now
M flows of remittances will pour namese are allowed to own houses and of retirement age and wish to return home
into Vietnam’s real estate sector following conduct real estate business in Vietnam. to live. At the same time, many others
recent legal amendments, including the also want to invest in Vietnam’s real estate
Land Law 2024, the Law on Housing 2023, Demand to rise market. The new policy will create the
and the Law on Real Estate Business 2023, Ms. Nguyen Viet Trieu, Vice President conditions for them to more easily do so.
which stipulate that overseas Vietnamese of the Vietnamese community in Poland, This helps to increase demand for real
can own and use land in Vietnam in the noted that overseas Vietnamese in general estate among overseas Vietnamese, thus
same way as local residents. Changes are and Vietnamese people living in Poland attracting more foreign capital into Viet-
to take effect from January 1, 2025. in particular are pleased that Vietnam nam. This is a crucial source of funding
The Land Law stipulates that individual considers overseas Vietnamese on equal for the country.”
land users include those who have land footing with domestic citizens. “Formerly, Mr. Nguyen Tai Phuong, a Vietnamese
granted or leased to them by the State, when overseas Vietnamese wanted to buy American and Deputy Chairman of the
with a land use rights certificate issued by houses in Vietnam, they had to ask their Association for Liaison with Hai Phong’s
the State. Land users are also those who family members to register the property Overseas Vietnamese, affirmed that the
have used land in a stable manner, which, in their names, which made them hesitate,” regulations from the new Land Law will
with properties attached, have the full con- she said. “Now, with these amendments, create more favorable conditions and solid-
ditions needed to obtain a land use rights overseas Vietnamese can invest in building ify confidence among overseas Vietnamese
certificate from the State. Both types of housing or in technical infrastructure for about further strengthening their ties with
land users can include domestic individuals lease, or can sub-lease a property they had the homeland, boosting their investment
and overseas Vietnamese. Meanwhile, under rented in the country.” potential in the country.

42 Vietnam Economic Times May 1, 2024 en.vneconomy.vn